Synovus Financial (NYSE:SNV) Price Target Cut to $52.00 by Analysts at JPMorgan Chase & Co.

Synovus Financial (NYSE:SNV) had its price objective decreased by JPMorgan Chase & Co. from $55.00 to $52.00 in a research note published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the bank’s stock.

A number of other research firms also recently weighed in on SNV. Keefe, Bruyette & Woods lifted their price target on shares of Synovus Financial from $38.00 to $42.00 and gave the stock a market perform rating in a research note on Tuesday, July 9th. Jefferies Financial Group lifted their price target on shares of Synovus Financial from $44.00 to $47.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. Royal Bank of Canada boosted their target price on shares of Synovus Financial from $45.00 to $49.00 and gave the company an outperform rating in a research note on Friday, July 19th. StockNews.com downgraded shares of Synovus Financial from a hold rating to a sell rating in a research note on Thursday, September 12th. Finally, Barclays boosted their target price on shares of Synovus Financial from $46.00 to $47.00 and gave the company an overweight rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $47.94.

Synovus Financial Trading Up 4.2 %

Shares of Synovus Financial stock opened at $45.81 on Wednesday. The company’s fifty day simple moving average is $43.72 and its 200-day simple moving average is $40.98. The company has a market cap of $6.60 billion, a price-to-earnings ratio of 28.10, a PEG ratio of 2.05 and a beta of 1.38. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. Synovus Financial has a 1 year low of $24.40 and a 1 year high of $47.83.

Synovus Financial (NYSE:SNV) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.20. The business had revenue of $563.60 million for the quarter, compared to the consensus estimate of $543.52 million. Synovus Financial had a net margin of 8.40% and a return on equity of 12.76%. Synovus Financial’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company posted $1.16 earnings per share. As a group, sell-side analysts expect that Synovus Financial will post 4.02 EPS for the current year.

Synovus Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Thursday, September 19th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 19th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.32%. Synovus Financial’s dividend payout ratio is 93.25%.

Insiders Place Their Bets

In other Synovus Financial news, EVP Thomas T. Dierdorff sold 614 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.20, for a total transaction of $28,366.80. Following the completion of the sale, the executive vice president now directly owns 14,833 shares of the company’s stock, valued at approximately $685,284.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Synovus Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in SNV. Hancock Whitney Corp raised its holdings in Synovus Financial by 20.7% during the 4th quarter. Hancock Whitney Corp now owns 66,294 shares of the bank’s stock worth $2,496,000 after purchasing an additional 11,379 shares during the last quarter. Eventide Asset Management LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $968,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Synovus Financial by 33.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 110,375 shares of the bank’s stock valued at $4,155,000 after acquiring an additional 27,413 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Synovus Financial in the 4th quarter valued at about $338,000. Finally, Wellington Management Group LLP increased its stake in shares of Synovus Financial by 56.9% in the 4th quarter. Wellington Management Group LLP now owns 7,838,693 shares of the bank’s stock valued at $295,127,000 after acquiring an additional 2,843,488 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

Synovus Financial Company Profile

Synovus Financial Corp. operates as the bank holding company for Synovus Bank that provides commercial and consumer banking products and services. It operates through four segments: Community Banking, Wholesale Banking, Consumer Banking, and Financial Management Services. The company's commercial banking services include treasury and asset management, capital market, and institutional trust services, as well as commercial, financial, and real estate lending services.